Nisab is the wealth threshold your wealth need to reach before zakat must be payed for it.; Let’s say after all your tax reliefs and tax deductions, your tax amount comes up to rm450, and the amount of zakat you have paid in the same assessment.
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When your wealth reaches the nisaab amount in one lunar year you will be eligible to pay zakat. Zakat is based on income and the value of possessions.the common minimum amount for those who qualify is 2.5%, or 1/40 of a muslim's total savings and wealth.
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Zakat refers to purification in general and purification of wealth in particular, therefore, those muslims who have wealth over a certain ratio, they are liable to. How much zakat do i need to pay?